President Hammack recently participated in a panel discussion at the Hoover Institution, addressing “The Outlook for the Economy and Monetary Policy” on May 9, 2025. The event was part of ongoing efforts by the Federal Reserve Bank of Cleveland to engage with economic issues affecting local communities and beyond.
The Cleveland Fed is one of twelve regional Reserve Banks that, together with the Board of Governors in Washington DC, form the Federal Reserve System. This institution plays a significant role in shaping national monetary policy, overseeing banking organizations, and providing essential services to financial institutions and the US Treasury.
“The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System,” noted President Hammack during his speech. He emphasized their commitment to supporting financial stability and consumer security while maintaining effective payment systems for the US Treasury.
Serving an area that includes Ohio, western Pennsylvania, eastern Kentucky, and northern West Virginia, the Cleveland Fed also focuses on community well-being through research, outreach, and educational activities. The bank operates branches in Cincinnati and Pittsburgh as part of its efforts to gather information from across its district.
“We serve the American people as part of the US central bank,” Hammack stated. “We support the US economy and our region by studying economic conditions and issues that impact our communities.”
In addition to policy formulation and supervision duties, President Hammack highlighted how their research informs both policymakers and public understanding regarding critical economic topics such as inflation and employment risks.
Doug Campbell can be contacted for further information at doug.campbell@clev.frb.org or 513-218-1892.
